Friday, April 29, 2011

Silver knocking on the door of $50 again

The market has rallied strongly since the comments from Fed Chairman Bernanke and the press release of the FOMC but has not been able to move above $50. It will need to do so rather soon or it does run the risk of stalling out here and setting back as some longs will get disappointed and book profits, particularly if the silver mining shares do not perk up soon.


at

5 comments:

  1. rahbiiApril 29, 2011 at 7:08 AM

    Just a heads up to the herd, London is closed today and Monday for the Royal Wedding.

    ReplyDelete
  2. rahbiiApril 29, 2011 at 10:46 AM

    GOLD!

    ReplyDelete
  3. unum mountaineerApril 29, 2011 at 11:18 AM

    @rahbii, maybe that will be the x-factor and allow for a run up past $50. With the World Reserve currency on its death bed, the arguments against physical gold and silver ownership is simply retarded.

    ReplyDelete
  4. RuiApril 29, 2011 at 11:31 AM

    You can be sure they'd try hard to paint a double-top here, especially at this critical 50/OZ level. No matter how in-effective it is they'd have to try it since they don't have many tricks left.

    ReplyDelete
  5. dflyApril 29, 2011 at 1:33 PM

    Looks like $50 was an intermediate top!

    ReplyDelete

Note: Only a member of this blog may post a comment.